Ecuador & DP World begin $1 billion port construction
The President of Ecuador Lenín Moreno and DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem today performed a ground-breaking ceremony to mark the start of construction of the greenfield multi-purpose port project at Posorja, Ecuador. The ceremony follows the 50-year concession the company won last year from the Government of Ecuador to build a facility with 750,000 TEU (twenty-foot container equivalent) of capacity to fuel the country’s economic growth and connect it with international markets. The $500 million initial investment (Phase 1) includes the purchase of land, dredging of a new access channel, a 20-kilometre access road and a 400-metre berth equipped to handle containers and other cargo. Total investment will be over $1 billion for the entire project with thousands of jobs during construction, close to 1,000 jobs during operations, along with plans to develop a logistics zone to create a regional trading hub. While work began in July on nearby access roads, construction of the port, which is located 65 kilometres from the country’s main business city of Guayaquil, is expected to take around 24 months to complete. Additionally, a 1 square kilometre logistics and industrial park, marked as a Special Economic Development Zone, will be developed adjacent to the port.
DP World to Develop Ecuador’s First Deepwater Port Worth Over $1 Billion
Port terminal owner DP World has won a 50-year concession to build and operate Ecuador’s first deepwater port. The new port will be located in the city of Posorja about miles miles from Guayaquil, Ecuador’s largest city and business center as well as home to its main port of Guayaquil. DP World says the concession agreement represents an investment of over $1 billion, including a first-phase investment of $500 million. The first phase will involve the purchase of land, dredging of a new access channel, a 20km access road, and construction of a 400 meter berth with capacity to handle up to 750,000 TEU per year and other types of cargo, including equipment to support Peru’s vibrant banana export industry. The access channel to the new port will allow drafts up to 15 meters, compared to the current 9.75 meter drafts at existing Guayaquil terminals. DP World said construction on the first phase is expected to start within six to nine months and take around 24 months to complete. https://gcaptain.com/dp-world-to-develop-ecuadors-first-deepwater-port-for-over-1-billion/Upload News